After a lull in infrastructure and construction, cost escalation is about to pick up, driven this time by local demand, wages and changing technology.
Already a subscriber?Rising wages, increased demand for materials and workers from housing, health, energy and defence projects and a transition to lower-carbon alternatives is driving inflation higher again in infrastructure, a new Oxford Economics Australia report says.
“There may be a misconception out there that the cost of infrastructure should be falling but in fact, it’s not,” said Adrian Hart, Oxford Economics Australia director of construction and infrastructure. The increase in costs that could “easily” add $200 million to a multi-year $1 billion megaproject by the end of the decade, hitting Western Australia and Queensland hardest, Mr Hart said.Housing construction needed to embrace techniques such as prefabrication that would make it more efficient, while infrastructure projects could become more efficient simply by managing risk better, Mr Hart said.
In Melbourne’s inner-eastern Kew, where the site of a $73 million recreation centre has lain quiet since It also extended the contract of project manager Turner & Townsend Thinc by three years to late 2026 and the contract by a further $455,200 to a total $824,800.for making what it said were unsupported claims about design flaws in the structure that crashed to the ground – has yet to revise its budget, even though last month it said work would resume.
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